On Jankery 1, 2024, Maywood Hydreullcs leesed driling equlpment from Aque Leasing far a four-year period anding December 31, 2027, at which thme possession of the leased esset will revert back to Acue. - The equipment cost Aqued $430,152 and has an expected economic life of tive years. - Aqua and Maywood expect the residual velue at December 31, 2027, to be 565,000 . - Negotatons led to Maywood guaranteelng a \$94,000 residual velue. - Equel payments under the lease are $132,000 and are due on December 31 of each year wh the frst payment beling made on December 31,2024. - Maymood is aware that Aqua used a 7% interest rate when cakculating lease peymerts. Note: Une tables, Exced, or a financlal calculetoc. (FV of \$1, PV of \$1. FVA of \$1, PVA of S1. AVAD of \$1 and PVAD of 5. Requlred: 1. 8 2. Prepare the approprlate entries for Maywood on January 1, 2024 and December 31, 2024, related to the lease. Note, if no entry is required for a transactionvevent, select "No joumal entry requilred" in the flirst account fleld. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Journal entry worksheet Record the beginning of the lease for Maywood Hydraulics. Note: Enter debits before credits. Journal entry worksheet Record the amortization experise for Maywesed Hydraulics. Note: Enter debits before credils. Journal entry worksheet 1 Record the lease payment and interest expense for Maywood Hydraulics. Note: Enter debits before credits